$41 Million Financing Package to Support SMEs and Blue Economy Tourism – Maldives works towards ocean health

The Asian Development Bank (ADB) has entered into a $41 million financing agreement with the Bank of Maldives Plc (BML) to provide support to locally owned small and medium-sized enterprises (SMEs) and tourism companies in the Maldives. Recognizing the importance of the blue economy for the country’s future prosperity, the ADB aims to strengthen investments in this sector, including climate adaptation projects and support for SMEs, particularly those owned and operated by women.

Suzanne Gaboury, the ADB Director General for Private Sector Operations, highlighted the significance of this partnership in addressing the lack of investments in the blue economy and promoting sustainable development in the Maldives. The financing package will contribute to the health and sustainability of the ocean, coral reefs, beaches, and marine life, which are crucial for the country’s people and economy. As Maldives thrives on tourism, the success of any luxury resort in Maldives the likes of The Residence Maldives Dhigurah depends on the health of the ocean, therefore this is a big step the country takes towards making their economy and tourism sector even better.